Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Country Music Star Eddie Montgomery Files for Bankruptcy
Author: Joel R. Glucksman
Date: January 16, 2014
Key Contacts
Back
Eddie Montgomery shot to fame as half of the country music duo Montgomery Gentry. The pair have released six studio albums – three of which certified platinum – and had more than 20 chart singles.
It appears however that Montgomery has fallen on some hard times, as the singer recently filed for individual bankruptcy. In U.S. bankruptcy court, he listed $13.4 million in liabilities and $1.9 million in assets.
Montgomery had had to put his failed restaurant up for sale – Eddie Montgomery’s Steakhouse, which closed last May and is scheduled to be sold in a master commissioners’ sale on January 10. The proceeds from the sale will be used to pay his near $12.7 million in defaulted loans to Central Bank & Trust of Lexington. The loans were guaranteed by Montgomery, and his bankruptcy filings show around $8.4 million in claims – most related to the restaurant, according to the Lexington Herald-Leader.
Montgomery is also listing his house for sale, which sits on 273 acres of land, for $1.25 million, which will also be used to help pay the debt he owes banks. Two of the major events that led to Montgomery’s bankruptcy were his divorce and the failure of his restaurant, which isn’t uncommon.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Eviction Is Not Always the End: Understanding Post-Possession Rent Claims in New Jersey and New York
No. An eviction does not automatically end a tenant’s obligation to pay rent. Post-eviction rent claims are common because recovering possession resolves who has the right to occupy the premises, but it does not extinguish the tenant’s contractual obligations under the lease. Whether unpaid or future rent remains owed depends on three factors: the lease’s […]
Author: Donald M. Pepe
Company Dissolved? Legal and Financial Consequences to Expect
A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences. It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]
Author: Jay McDaniel
The Legal Implications of Signing a Triple Net Lease
A triple net lease is a commercial lease in which the tenant pays the property’s real estate taxes, insurance, and maintenance costs, known as the three nets, in addition to base rent. They are most often used in freestanding retail and office buildings and in large single-tenant industrial properties, with terms that typically run 10 […]
Author: Donald M. Pepe
When to Settle and When to Fight: A Litigator's Framework
Every lawsuit comes with a cost, and knowing when to settle a lawsuit is one of the most consequential decisions a business owner will face. Experienced litigators understand how to minimize cost and obtain certainty for their clients. For many business owners, the decision is viewed almost entirely through a financial lens: What will it cost […]
Author: Sean M. Pena
When Does a Business Need a Corporate Attorney?
A corporate attorney advises businesses on formation, ownership, governance, contracts, transactions, compliance, disputes, and the legal risks that arise as a company grows. The role is not limited to filing documents or reviewing agreements. A corporate attorney helps a business understand when a commercial decision has legal consequences, how to structure that decision properly, and […]
Author: Scarinci Hollenbeck, LLC
A Whistleblower Just Filed a Complaint Against Your Company: Here's What to Do Now
Few situations create more uncertainty than learning that an employee has filed a whistleblower complaint. Questions arise immediately: Is the allegation legitimate? Should the employee be placed on leave? Do we need to notify our insurance carrier? Are we now prevented from disciplining the employee if there are unrelated ongoing work related issues? There is […]
Author: Sean M. Pena
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.